SRS Real Estate Partners’ National Net Lease Group has announced the off-market $50 million sale of a single-tenant, 190,000-square-foot industrial property occupied by Carvana located at 600 S 94th Ave. in Tolleson, AZ.
SRS National Net Lease Group’s Vice President Travis Fidel represented the buyer, Phoenix-based Fundamental Income. Fidel also represented the seller, Carvana, who will leaseback the property as the tenant on a long-term basis. The facility is used as a reconditioning and photography center for vehicles sold by Carvana.
Fidel noted, “This deal marks our third industrial sale-leaseback with Carvana since late 2019, helping unlock $150 million of capital as the company continues expanding.”
“In addition to our significant single-tenant retail property asset sales across the country totaling over $1 billion year to date, SRS’ National Net Lease Group has completed more than $300 million in single-tenant automotive, office and industrial assets this year,” said Matthew Mousavi, Managing Partner with SRS National Net Lease Group. “Capital is looking for net lease within multiple asset classes as it provides for stable, long-term cash flow with little to no landlord responsibilities.”
Since the COVID-19 crisis began, SRS’ National Net Lease Group (NNLG) has closed 211 transactions valued at $872 million and over 300 closings year to date. Additionally, the group has over 150 individual assets under LOI or in escrow and $1.75 billion in assets currently listed for sale. In 2019, the NNLG successfully completed more than 400 transactions in 2019, across 35 states nationwide.